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The stadium serves as a memorial to the Navy and Marine Corps; it is dedicated to those who have served (and will serve) as upholders of the traditions and renown of the Navy and Marine Corps of the United States. The thousands of memorial bench-back and wall plaques are a constant reminder, as well as the list of numerous battles involving the Naval and Marine Corps forces since the early 1900s.

In 2004 the stadium underwent a major renovation by 360 Architecture. Among the improvements were an expanded press box, 140 club seats and associated club lounge, private suites, new stadium seating (northwest end zone), ADA enhancements, updated restrooms, concessions and stadium operation facilities, new banquet facilities, and renovated locker room facilities.

The field at Navy–Marine Corps Memorial Stadium is named "Jack Stephens Field", for Jackson T. Stephens (Class of 1947), whose gift aided (1) the renovation of the stadium, (2) the Class of 1947 Legacy project to benefit the Academy's Museum, and (3) other Academy projects.[2]